Time to repay installment loan Personal Finance Problem Mia Salto wishes to determine how long it will take to repay a $16,000 loan given that the londer requires her to make annual end-of-year installment payments of $3,704 a. If the interest rate on the loan is 14%, how long will it take for her to repay the loan fully? b. How long will it take if the Interest rate is 11% c. How long will it take if she has to pay 18% annual interest? d. Reviewing your answers in parts a, b, and e, describe the general relationship between the inter[st rate and the amount of time it will take Mia to repay the loan fully a. I Mia can borrow at an annual interest rate of 14%, the amount of time it will take for her to repay the loan fully in years. (Round to two decimal places.) b. Mia can borrow at an annual interest rate of 11%, the amount of time it will take for her to repay the loan fully in years. (Round to two decimal places.) c. It Mia can borrow at an annual interest rate of 18%, the amount of time it will take for her to repay the loan fully in years. (Round to two decimal places.) d. Reviewing your answers in parts a, b, and c, describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully. (Select the best answer below.) A. The higher the interest rate, the lower the number of time periods needed to repay the loan fully B. The higher the interest rate, the greater the number of time periods needed to repay the loan fully OC. The lower the interest rate, the greater the number of time periods needed to repay the loan fully D. The interest rate does not affect how long it will take to repay the loan